Buying Property in Paros: The Step-by-Step Process for Foreign Buyers

Paros attracts buyers from across Europe, the Middle East, the US and beyond — and with good reason. The island offers a rare combination of lifestyle, investment value and long-term appreciation. The good news is that Greece has a well-established, transparent property purchasing process that is open to all foreign nationals, whether from the EU or beyond. What it does require is the right team of professionals and a clear understanding of each step. This guide walks you through the process as it stands in 2026.

Can foreigners buy property in Greece?

Yes — completely and without restriction. EU citizens and non-EU citizens alike can purchase property in Greece with the same legal protections as Greek nationals. There are no foreign ownership quotas, no nationality restrictions, and no limits on the number of properties you can own. The only exception is certain border regions and specific eastern Aegean islands designated as restricted zones, where non-EU buyers require a special government permit. Paros and Antiparos are not subject to any such restrictions.

Step 1 — Appoint a lawyer

This is the most important decision you will make in the entire process. In Greece, the notary is a neutral state official whose role is to ensure the transaction is legally compliant — they do not protect your interests. You need an independent Greek property lawyer working exclusively for you.

Your lawyer will handle title searches, due diligence, drafting and reviewing contracts, communicating with the notary and tax authorities, and registering the final deed. Most foreign buyers grant their lawyer a Power of Attorney (PoA), which allows the lawyer to act on their behalf throughout the transaction — meaning you do not need to be physically present in Greece for most of the process. If you are signing the PoA abroad, it must be apostilled.

Step 2 — Obtain your Greek Tax Number (AFM)

Before any property transaction can proceed, you need a Greek Tax Identification Number, known as the AFM (Αριθμός Φορολογικού Μητρώου). This is a free registration issued by the local tax office (DOY) and remains valid indefinitely. Your lawyer can apply for your AFM on your behalf — this is standard practice for foreign buyers and takes a matter of days.

The AFM unlocks everything else in the process: opening a Greek bank account, signing contracts, paying taxes, and connecting utilities. Apply for it early.

Step 3 — Open a Greek bank account

A Greek bank account is required to receive and make payments in the transaction. Greek banks enforce strict anti-money laundering rules and will ask for certified copies of your passport, recent utility bills and tax returns from your home country. Once your AFM is issued, your lawyer can help you open an account remotely or in person. All purchase price payments are made via bank transfer from your Greek account to the seller's account — payments to private individuals outside of a formal banking process are never acceptable.

Step 4 — Due diligence: legal and technical checks

Before any contract is signed, your lawyer conducts a full title search at the Hellenic Cadastre (Ktimatologio) or, in some areas, the Land Registry (Hypothikofilakio). This verifies that the seller is the legal owner and confirms the property is free of mortgages, liens, seizures, unpaid taxes and any other encumbrances. Without this step, you could unknowingly inherit the previous owner's debts.

In parallel, a licensed civil engineer inspects the property to confirm that its physical condition matches the approved building permits on file and that there are no unlawful extensions or unpermitted structures. In Greece it is illegal to transfer a property with undeclared alterations — so this check protects both parties and is non-negotiable, particularly for older properties or those with significant land.

Step 5 — Agree terms and pay a reservation or deposit

Once due diligence is satisfactory, the parties agree on the purchase price and terms. A reservation agreement (sometimes called a protyposi) takes the property off the market for an agreed period — typically two to four weeks — while final checks are completed. This is accompanied by a small reservation payment.

For most transactions a preliminary contract (sinallagmatiki symvasi) follows, at which point the buyer pays a deposit — typically 10% of the agreed price. If the seller withdraws after signing the preliminary contract, they must return double the deposit. If the buyer withdraws, the deposit is forfeited.

Step 6 — Pay the property transfer tax

Before the final contract can be signed, the property transfer tax must be paid. For resale properties the rate is 3.09% of the property's official objective value (or the agreed purchase price, whichever is higher). This tax is paid by the buyer directly to the tax office.

For new-build properties in Greece, the standard rule is that 24% VAT applies instead of the transfer tax. However, the Greek government has extended the VAT suspension for new residential properties to 31 December 2026 under Law 5246/2025 — meaning new-build buyers currently pay the same 3.09% transfer tax rather than 24% VAT. This is a significant saving. Always confirm the tax position of any new-build with your lawyer, as the VAT status depends on the specific project.

Capital gains tax for individual sellers is also currently suspended in Greece until 31 December 2026, which benefits those selling during this period.

Step 7 — Sign the final deed before a notary

The final contract of sale — known in Greek as the Συμβόλαιο (symvolaio) — is signed before a Greek notary public. The notary prepares the contract, validates it legally, and ensures all tax obligations have been met. Both parties (or their legal representatives acting under Power of Attorney) must attend. The balance of the purchase price is paid via bank transfer on the day of signing.

The notary is a public official who represents the state — they do not represent either the buyer or the seller. Your independent lawyer attends alongside you to protect your interests throughout.

Step 8 — Register the title

Signing the deed does not in itself complete the transfer of ownership. The deed must then be registered at the Hellenic Cadastre or the local Land Registry within two months of signing. Registration is what gives you full legal title as the new owner. Your lawyer handles this. Registration costs approximately 0.3–0.5% of the property value.

What does it cost in total?

As a guide, buyers should budget approximately 8–10% of the purchase price on top of the agreed price to cover all transaction costs. These include the property transfer tax (3.09%), notary fees (regulated by law and based on the declared value), lawyer fees (typically 1.5–2% plus VAT), estate agent commission (typically 2–3% from the buyer, plus VAT), and land registry/cadastre registration fees (0.3–0.5%).

How long does the process take?

From accepted offer to completion, the typical timeline is 8 to 12 weeks. The first three weeks usually cover obtaining the AFM, opening a bank account and completing due diligence. The preliminary contract and deposit follow in week four. The seller then gathers the required tax clearances and certificates — a process that can take several weeks. The final signing, tax payment and registration complete the process. Your lawyer can often do much of this remotely if you have granted a Power of Attorney.

A note on the Hellenic Cadastre

Greece is in the process of transitioning all property records to the national Hellenic Cadastre (Ktimatologio), which is gradually replacing older land registry offices across the country. In some areas — including parts of the Cyclades — this transition is still ongoing, which means that title verification can occasionally require checks across both systems. An experienced local lawyer who knows the Paros registry will navigate this efficiently.

How Stay in Paros can help

Our team works with a network of trusted property lawyers, civil engineers and notaries with deep expertise in Paros and Antiparos transactions. We guide international buyers through every stage — from the initial property search to the final keys. If you are considering buying on the island and would like to understand the process in more detail, we are always happy to talk.

This article is for general information purposes only and does not constitute legal or financial advice. Property purchase regulations and tax rates can change. We strongly recommend engaging a qualified Greek property lawyer before proceeding with any transaction.